Gender Pay Gap report and Women in Finance Charter
Now in our third year of reporting, we’ve continued our focus on reducing our gender pay gap, which now stands at 29% (down from 31.33% in 2017). Our workforce is split 60% female to 40% male and while our female colleagues are spread across junior and senior roles, proportionally we have more females in junior roles. We are extremely proud of the number of women we employ and of the flexible and part-time employment opportunities we provide to all of our colleagues.
Changes to our reward structure over the past few years have ensured that, regardless of grade, all of our colleagues are treated fairly when it comes to their pay. We also regularly benchmark our pay and grading approach to ensure that we pay our roles proportionately to the skills, experience and responsibility required, regardless of who occupies them.
Aspirationally, we are building our workforce to reflect the communities we serve. We truly believe that focusing our attention in this way and creating a culture where all colleagues feel comfortable to bring their whole selves to work can only bring benefit. It will also lead to richer conversations being held throughout our organisation, bringing validity through a range of viewpoints and therefore enabling better business decisions to be made for our Members.
In 2016 we signed up to the Women in Finance Charter and are committed to reaching our target of 33% of women in senior positions by 2021. The Women in Finance Charter is so important and integral to our ways of working at Principality and there is a clear link to one of our core values of ‘doing the right thing’.
When we signed up to the Charter in July 2016, we had 23% female representation. As of June 2019, we have 31% female representation in senior management and we believe that we are on track to meet our target. Although our progress so far represents a significant step forward, we recognise that we still have work to do.
We have weaved our inclusion approach throughout every aspect of our Employee Value Proposition because we understand the importance of it being represented throughout the whole employee lifecycle. From recruitment and onboarding, where we gender decode our job adverts and have diverse interview panels, through to providing unconscious bias training for colleagues and working closely with Stonewall to become recognised as a Diversity Champion. We’re focussed on giving our colleagues the very best experience and we’ve recently reviewed our flexible working approach to make working at Principality achievable and enjoyable for all. In recognition of the changes we continue to drive in our culture, we’re delighted to be recognised once again as a Great Place to Work in 2019.
This is all far more than words for us, it’s a living, breathing commitment of our intention to make positive changes for the good of our Society and our colleagues. We know this not only enhances our service for Members but also creates a culture which enables all colleagues to reach their full potential.
I confirm that the information contained in this report is accurate.
Chief People Officer
Pam y Principality?
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